Private Finance Initiative (PFI)
Where you might hear it: From anyone who works in the public sector.
What does it mean: A Private Finance Initiative, or PFI, is a contract that gives a private sector company responsibility for delivering a public service. PFIs are used when local or central government decide they want to contract a private company to build a public service building, such as a school or hospital. The so-called public-private partnerships are part of the government's strategy to deliver quality public services. However, PFIs are controversial. Public services' union Unison campaigns against PFIs to try to stop private companies running public services.
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